A source close to the couple tells UsMagazine.com that the piece is a platinum, asscher cut diamond with trapezoids on the side from designer Bader & Garrin. "It's big and beautiful," says the source. "She loves it."

Reps for both stars told Us exclusively about the couple's engagement on Thursday. "We're excited and incredibly happy about our engagement and we look forward to a wonderful future together," the couple of over four years told Us in a statement.